By Leah Montebello
Andy Murray-backed clothing brand Castore has been valued £750m as the firm looks to compete with the likes of Nike and Adidas.
In its latest funding round, the company raised £50m from a consortium of banks, which co-founder Tom Beahon told The Times would go towards supply for its big new sports partnerships.
The firm has scored some major wins in the past few years, including kit deals with the likes of Rangers and Newcastle United, as well as McLaren Formula 1.
The retailer primarily trades online but has stores in London and Liverpool.
Beahon told the paper that the sports clothing firm is expected to turn over £200m in its 2023 financial year, with EBITDA profits at around £20m.
The Beahon brothers launched Castore in 2016 after short stints in the Square Mile – Tom at Lloyds Bank, Phil at Deloitte – to raise startup capital.
Before that, both played professional sport – football for Tranmere Rovers and cricket at Lancashire, respectively – but grew disillusioned.
Aside from tennis legend Andy Murray, shareholders include retail heavyweights Arnaud Massenet, who built Net-a-Porter, and Tom Singh, founder of New Look.
In an interview with City A.M. last year, Beahon said: “Nike, Adidas, Under Armour, Puma are very much mass market brands purely by virtue of their size and scale,” says Beahon.
“We want to be the No1 premium brand. That’s the opportunity that we see.”
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